Tag Archives: NBIM

Bloomberg: Masters of $1 Trillion Fund Reap Rewards of a Very Good Idea

In one of the world’s richest countries, the finance minister may soon need to break the spending record he just set.

For Jan Tore Sanner, the 55-year-old who’s been running Norway’s finances since January, that’s not really a problem thanks to a couple of choices his country made a while back.

 

Bloomberg: Norway’s $1 Trillion Wealth Fund Expands US Stakes Amid Rout

Norway’s $1trillion sovereign wealth fund has been bulking up on stocks that got hammered during March’s historic market decline, adding to stakes in companies such as Carnival Corp. and Royal Dutch Shell Plc.

The fund has acquired holdings of 5% or more in seven U.S.-traded companies since mid-March, according to filings by Oslo-based Norges Bank. The list includes Australian mining giant BHP Group Ltd. and Liberty Broadband Corp. as well as Shell, where the Norwegian fund doubled its holding.

Read entire article HERE.

The Economist: The departing boss of Norway’s oil fund on building an asset manager

There is a point in a conversation with Yngve Slyngstad when he invokes Bjorn Borg, the Nordic tennis star of the 1970s. The Borg approach—make sure you don’t lose; above all, be solid—is one Mr Slyngstad has instilled in Norges Bank Investment Management (NBIM), the organisation he has run since 2008 from within Norway’s central bank. Its target, to beat a benchmark by 0.25 percentage points a year, is modest. But meeting it has led to immodest wealth.

Read entire article HERE.

Reuters: Hedge fund manager to lead Norway sovereign fund after $124 billion loss

OSLO (Reuters) – Norway’s sovereign wealth fund, the world’s largest, named a London-based hedge fund manager as its new chief executive on Thursday and said it had lost $124 billion (104 billion pounds) this year as stock markets tanked due to the coronavirus pandemic.

Norwegian-born Nicolai Tangen, until now chief executive of AKO Capital, which he established in 2005, will take the helm in September, succeeding Yngve Slyngstad who announced his resignation last year.

“Tangen has built up one of Europe’s leading investment firms and has delivered very good financial results as an international investment manager,” Norwegian central bank Governor Oeystein Olsen said while announcing the appointment.

Read entire article HERE.

Reuters: Norway’s wealth fund extends ownership of New York real estate

Norway’s sovereign wealth fund will pay about $98 million dollars to extend the term of its ownership in a portfolio of New York properties and to acquire a few new, the fund said on Wednesday.

“The partnership between Norges Bank Investment Management (NBIM), Trinity Church Wall Street and Hines has extended the remaining 72-year ownership interest in the Hudson Square portfolio in New York City to a 99-year term,” it said in a statement.

Read entire article HERE.